[beamn7]

Even if you don't have enough range of motion, you should still be able to obtain P, R, N, OD, D, 2 as long as it is adjusted properly. Don't pay attention to the indicator when adjusting as you may need to adjust that as well. Disconnect the linkage at the trans when in Park (be sure the parking brake is on) move the connection on the trans by hand 2 clicks so that the transmission is now in Neutral. Back in the cab, while holding slight forward pressure (towards the windshield) on the shifter move it slowly down allowing it to walk over the gate in the column for "R". As soon as you are able to move it back forward towards the dash.... stop. You will notice that you will not be able to move it back up now without pulling back. That means you are in what would be "N". Have a buddy hold the shifter in that position and now go under the truck and reconnect the linkage adjusting it to line up. Once you have done that your buddy can let go of the shifter as it should not move now.
Remove the small lower portion of the dash bezel just below the column (4 screws) and on the column will see a clip with a wire / string attached to it. Move it up or down on the colmun to align the shift indicator with "N".

It should work properly after this point unless the shift rod is too short. At that point you can either lengthen the shift rod or obtain one from the junkyard for a 700r4 truck....

EDIT: Did some research and looks like the MD8 (700r4), M40 (THM 400) and MV4 (THM 350) trans all use the same rod. GM # 6271387. (An old number at that..........) MT1 (4L80E) used 15614394 (R/V series)

Hope this helps.